Popular Crypto Analyst Highlights ‘Crucial Breaker’ for Bitcoin, Says Markets Due for a Squeeze
A widely followed crypto trader identifies a key price zone Bitcoin (BTC) must break through for bullish continuation.
Cryptanalyst Michaël van de Poppe warns to his 650,000 Twitter followers that the $23,800 price zone is a “decisive breaker” for BTC markets to continue moving upwards.
“The $23,800 area remains a crucial breaker for the markets to continue the upward momentum.
Bitcoin must break it to continue.”
With BTC currently trading at $23,269 at the time of writing, the royal crypt is hovering just above another key price level highlighted by Van de Poppe.
“Holding Game for Bitcoin.
Couldn’t break through resistance and altcoins start falling hard.
If Bitcoin doesn’t hold $23,200, I guess we’ll test the mid-$22,000s before we go any higher.”
Van de Poppe too warns that if BTC continues on its current downward trajectory, down 1.62% on the day, it will negatively impact altcoins such as Chainlink (LINK). The trader also believes that regaining higher levels will activate another rally.
“Scenario I would look at if we have a sweep of Bitcoin to $22,500 and the markets spew a little more, then LINK will also sweep the declines.
Reclaim = activation.”
Looking at events taking place in the wider markets, such as the potential and unconfirmed at the time of writing Silvergate bankruptcy, Van de Poppe’s hypotheses it may be time for a market squeeze.
“Silvergate could potentially go bankrupt, pushing prices down a little more.
On the other side; people piling into positions since the news and no real movement on Bitcoin.
This could be an assumption that people are strongly biased towards the short side here.
Time for a hug.”
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Featured Image: Shutterstock/Bryan Vectorartist/Konstantin Faraktinov
